Innogenetics says GENimmune sold/closed by end May

BRUSSELS, May 15 (Reuters) - Belgian biotech firm Innogenetics INNX.BR, which is being acquired by drugmaker Solvay (SOLB.BR: Quote, Profile, Research), said on Thursday its ailing therapeutics division GENimmune will be sold or closed by the end of May.

"A collective labor agreement was signed, and the deadline of finding a solution for GENimmune ... has been definitively set for end May," the group said in a statement.

Innogenetics which has struggled to make a profit in the last years, has been in talks with potential interested parties about a possible sale of GENimmune.

Innogenetics also reported a year-on-year 15.2 percent rise in first-quarter sales to 15.3 million euros ($23.71 million).

Its net loss, however, roughly doubled to 8.3 million euros from 4.0 during the same period last year due to restructuring charges.

In a turbulent 12 months, Innogenetics has replaced its chief executive and said it would stop work on its hepatitis C vaccine.

Solvay's 5.75 euros per share takeover offer, which values Innogenetics at 177.6 million euros, was launched at the end of April but still needs approval from the Belgian stockmarket regulator. (Reporting by Julien Ponthus; Editing by Quentin Bryar)